Heavy Equipment Lubricants Market - Growth, Trends, and Forecast (2019 – 2024)

The Heavy Equipment Lubricants Market is Segmented by Product ( Engine Oil, Transmission and Hydraulic Fluids, General Industrial Oils, Gear Oil, Greases, and Other Products), by End-user Industry (Construction, Mining, Agriculture, and Other End-user Industries), and by Geography

Market Snapshot

market summary 1
Study Period:

2016-2024

Base Year:

2018

Fastest Growing Market:

Asia Pacific

Largest Market:

Asia Pacific

Key Players:

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Market Overview

The heavy equipment lubricants market is projected to register a CAGR of over 1.9% during the forecast period 2019-2024.

  • The major factors driving the growth of the heavy equipment lubricants market are the increasing manufacturing activities in the Asia-Pacific region and the growing usage of high-performance lubricants in the construction and mining sectors.
  • The shifting focus toward dry machining and minimum quantity lubrication is acting as a restraint to the market
  • The industrial growth in the Middle East & Africa and increase in the exploration of natural gas are likely to act as an opportunity for the heavy equipment lubricants market in the forecast period.

Scope of the Report

The heavy equipment lubricants market report includes:

Product
Engine Oil
Transmission and Hydraulic Fluids
General Industrial Oils
Gear Oil
Greases
Other Products
End-user Industry
Construction
Mining
Agriculture
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
Phillipines
Indonesia
Malaysia
Thailand
Vietnam
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Rest of North America
Europe
Germany
United Kingdom
Italy
France
Russia
Turkey
Spain
Rest of Europe
South America
Brazil
Argentina
Chile
Colombia
Rest of South America
Middle East & Africa
Saudi Arabia
Iran
Iraq
United Arab Emirates
Kuwait
Rest of Middle East & Africa
Africa
Egypt
South Africa
Nigeria
Algeria
Morocco
Rest of Africa

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Key Market Trends

Greases to Witness Steady Growth

  • Greases used in the heavy equipment lubricants are expected to witness consistent growth in the coming years. This can be attributed to the increasing demand from the growing construction industry, majorly in the Asia-Pacific and Middle East regions.
  • Governments in countries, such as China and India, are introducing new projects for the development of infrastructure, along with providing incentives for growth in FDI. The construction industry in Qatar is growing at a strong rate with booming public infrastructure sector.
  • The FIFA World Cup 2022 is expected to create a huge potential for the heavy equipment and machinery used in the country. Kuwait, Algeria, and Morocco have a similar trend of moderately high growth rate during the forecast period. Iran is also expected to have a higher growth in the construction sector, with an average growth rate, during the forecast period. The lifting of international sanctions has given a boost to the infrastructure activities in the country with an easier trade-off.
  • Overall, the demand for greases is anticipated to grow with the growing end-user industries.
heavy equipment lubricants market - by product

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China to Dominate the Asia-Pacific Market

  • In 2018, China's lubricants market amounted to about 7.2 million tons, making it the world's largest lubricant demanding country. India’s lubricant market amounted to 1.6 million tons, followed by Japan 1.3 million ton.
  • China has spent around USD 570 billion on railway projects, between 2013 to 2017. Between 2013 and 2017, 29,400 km of new tracks were built in the country. The country has spent about USD 106 billion in 2018 on railway projects, to continue building the leading rail system in the world.
  • The Chinese government has announced its plans to spend about USD 120 billion on railway projects in 2019, of which, a major allocation is for high-speed rail systems. 
  • In the real estate sector, China has shown volatile growth. Nevertheless the country has seen substantial development in rail & road infrastructure by the Chinese government (in order to withstand the demand stemming from the growing industrial and service sectors) has resulted in significant growth of the Chinese construction industry in the recent years, in turn, driving the consumption of heavy equipment lubricants.
  • In recent years, the entry of major construction players (from the European Union) in China has further fuelled the growth of heavy equipment lubricants market. 
heavy equipment lubricants market - growth rate

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Competitive Landscape

The heavy equipment lubricants market is fragmented in nature. The major companies include BP PLC, Chevron USA Inc., Exxon Mobil Corporation, Royal Dutch Shell PLC, and China National Petroleum Corporation.

Major Players

  1. BP PLC
  2. Chevron USA Inc.
  3. Exxon Mobil Corporation
  4. Royal Dutch Shell PLC
  5. China National Petroleum Corporation

* Complete list of players covered available in the table of contents below

heavy equipment lubricants market - concentration

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Manufacturing Sector in Asia-Pacific

      2. 4.1.2 Growing Usage of High-performance Lubricants

    2. 4.2 Restraints

      1. 4.2.1 Shifting Focus Towards Dry Machining & Minimum Quantity Lubrication

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Product

      1. 5.1.1 Engine Oil

      2. 5.1.2 Transmission and Hydraulic Fluids

      3. 5.1.3 General Industrial Oils

      4. 5.1.4 Gear Oil

      5. 5.1.5 Greases

      6. 5.1.6 Other Products

    2. 5.2 End-user Industry

      1. 5.2.1 Construction

      2. 5.2.2 Mining

      3. 5.2.3 Agriculture

      4. 5.2.4 Other End-user Industries

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Phillipines

        6. 5.3.1.6 Indonesia

        7. 5.3.1.7 Malaysia

        8. 5.3.1.8 Thailand

        9. 5.3.1.9 Vietnam

        10. 5.3.1.10 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

        4. 5.3.2.4 Rest of North America

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 Italy

        4. 5.3.3.4 France

        5. 5.3.3.5 Russia

        6. 5.3.3.6 Turkey

        7. 5.3.3.7 Spain

        8. 5.3.3.8 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Chile

        4. 5.3.4.4 Colombia

        5. 5.3.4.5 Rest of South America

      5. 5.3.5 Middle East & Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 Iran

        3. 5.3.5.3 Iraq

        4. 5.3.5.4 United Arab Emirates

        5. 5.3.5.5 Kuwait

        6. 5.3.5.6 Rest of Middle East & Africa

      6. 5.3.6 Africa

        1. 5.3.6.1 Egypt

        2. 5.3.6.2 South Africa

        3. 5.3.6.3 Nigeria

        4. 5.3.6.4 Algeria

        5. 5.3.6.5 Morocco

        6. 5.3.6.6 Rest of Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 BP PLC

      2. 6.4.2 Chevron USA Inc.

      3. 6.4.3 China Petroleum & Chemical Corporation

      4. 6.4.4 Exxon Mobil Corporation

      5. 6.4.5 FUCHS

      6. 6.4.6 Gazprom Neft PJSC

      7. 6.4.7 Gulf Oil Corporation Limited

      8. 6.4.8 Idemitsu Kosan Co. Ltd

      9. 6.4.9 Indian Oil Corporation Ltd

      10. 6.4.10 JX Nippon Oil & Energy Corporation

      11. 6.4.11 Lukoil

      12. 6.4.12 Quepet Lubricants

      13. 6.4.13 Royal Dutch Shell PLC

      14. 6.4.14 Total

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Industrial Growth in Middle East & Africa

    2. 7.2 Increase in the Exploration of Natural Gas

**Subject to Availability

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